Product Electronic hardware package Desktop computer Tablet computer Landline telephone 4-in-1 printer Sales Price per package, per unit 51,200 750 300 150 350 Cost to CBS per package, per unit 5620 400 60 60 100 Date 2018 July 1 Transactions CBS sells 10 electronic hardware packages to a customer at a sales price of $1,200 each. The customer pays immediately with cash. July 2 CBS sells 20 desktop computers to a customer on credit. The credit terms are a/15 with an invoice date of July 7. The following entries occur. July 17 the customer makes full payment on the amount due from the July 7 sale. August 1 a customer purchases 56 tablet computers on credit. The payment terms are 2/10, n/30, and the invoice is dated August 1 Aneust 19 The customer pays their account in full. September CBS sold 250 landline telephones to a customer who paid with cash On September 3, the customer 1 discovers that 40 of the phones are the wrong color and returns the phones to CBS in exchange for a full refund. CBS determines that the returned merchandise can be resold and returns the merchandise to inventory at its original cost September the customer discovers that 20 more phones from the September 1 purchase are slightly damaged. & The customer decides to keep the phones but receives a sales allowance from CBS of $10 per phone. October A customer purchases 55 units of the 4-in-1 desktop printers on credit. Terms of the sale are 10/15, 1/40, with an invoice date of October 1.On October 6, the customer returned 10 of the printers to CBS for a full refund. CBS returns the printers to their inventory at the original cost October the customer discovers that 5 printers from the October 1 purchase are slightly damaged, but 10 decides to keep them, and CBS issues an allowance of $60 per printer October the customer pays their account in full, less sales returns and allowances 15 Required Prepare journal entries by using perpetual inventory system (1.5 Marks) Product Electronic hardware package Desktop computer Tablet computer Landline telephone 4-in-1 printer Sales Price per package, per unit $1.200 750 300 150 350 Cost to CAS per package, per unit 1620 400 60 60 100 Mate 2018 Transactions CBS cells 10 electronic hardware packages to a customer at a sales price of 1.200 each. The customer pays immediately with cash. July CBS sells 20 desktop computer to a customer on credit. The credit terms are n/15 with an invoice date of July 7. The following entries occur the customer inakes full payment on the amount duo from the July 7 sale. August a customer purchases 56 tablet computers on credit. The payment terms are 2/10,n/30, and the invoice is dated Augusti Aug 19 The customer pays their account in full. September CHS sold 250 landline telephones to a customer who paid with cash. On September 3, the customer 1 discovers that 40 of the phones are the wrong color and returns the phones to CBS in exchange for a full refund. CRS determines that the returned merchandise can be resold and returns the merchandise to inventory at its original cost September the customer discovers that 20 more phones from the September 1 purchase are slightly damaged. The customer decides to keep the phones but receives a sales allowance from CBS of 510 per phone October 1 A customer purchases 55 units of the 4-in-1 desktop printers on credit. Terms of the sale are 10/15, 1/40, with an invoice date of October 1, On October 6, the customer returned 10 of the printers to CBS for a full refund. CBS returns the printers to their inventory at the original cost. October the customer discovers that sprinters from the October 1 purchase are slightly damaged, but 10 decides to keep them, and CBS issues an allowance of S60 per printer October the customer pays their account in full. less sales returns and allowances 16 Required Prepare journal entries by using perpetual inventory system (1.5 Marks)
